Summertime Living Isn't Easy for Gas Bulls

Liam Denning

Can you hear that? It's the deafening silence of New Yorkers not switching on their air conditioning units.

Easier to hear are muffled sobs from natural-gas traders. Having started 2014 with cheers as the polar vortex revived the price of their favorite commodity, they now see the same weather dynamic flooding the eastern U.S. with cooler air when the region should be stifling. That cuts demand for air conditioning, electricity and gas. Front-month futures, which poked above $6 per million British thermal units in February,...